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Following a meeting of EU finance ministers in the French Riviera city of Nice, Steinbrück told reporters that the plan would lead to a major shortfall in tax revenues for the government. At the same time, he said, he wasn't convinced that it would do much to benefit consumers. Supporters of the idea say it would help increase economic growth and create jobs. French Finance Minister Christine Lagarde has not been discouraged by Germany's rejection of the proposal. She said discussions on the issue would continue at meetings to be held over the next couple of months.
(Deutsche Welle)
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